NAPERVILLE – Americans for Prosperity Foundation Illinois today unveiled a Progressive Tax Calculator (www.progressivetaxcalculator.com) that shows how the proposed progressive income tax would impact households in Illinois.
“The goal of the Progressive Tax Calculator is to provide transparency to the discussion and educate Illinois taxpayers on how a progressive income tax could impact their household budget,” said David From, Illinois State Director of Americans for Prosperity Foundation. “The Calculator uses tax rates that have been suggested by proponents of a progressive tax and that increase taxes even for low to mid-wage earners.”
Springfield politicians raised the state’s flat income tax 67 percent in 2011, the largest tax increase in the history of the state. The tax hike came with a promise to pay down unpaid state bills and get Illinois’ finances in order. Yet, despite record state tax revenue, there are still billions in unpaid state bills and unfunded pension liability, earning Illinois the worst credit rating in the nation.
Now legislators are proposing to amend the Illinois Constitution to allow for a progressive income tax, which would generate additional revenue for the state. However, the current legislation doesn't include specificity on tax rates, which the sponsors say will be established by them only after the Constitution is amended.
“The simple truth is that we can’t trust Springfield to keep its promises,” said From. “The temporary 67% tax hike to pay down debt appears to neither be temporary nor to have paid off our debt. All the buzzwords aside, the public needs to learn exactly what is at stake here and ask whether they think politicians will keep their word.”